Category: Credit Industry News

Virtual Credit Forum with Forums International – Credit Industry News For Credit Professionals…

Posted on by Mike Armstrong

Calling all Credit Professionals – come along to your first Virtual Forum for FREE and see how Forums International can help & support your career.

Credit Professionals Forums – 7th April 2020
SAP Users Group – 8th April 2020
IT Distributers & Resellers Credit Forum – 23rd April 2020

Forums International provide over 10 virtual Forums covering a range of business sectors – They are sure to have a Credit Forum for you – https://lnkd.in/dFVSwR3

Business News and Sports News from Mike Armstrong – See http://mikearmstrong.me/news

For Business Advice follow the link or visit the Entrepreneur Zone

Latest Credit Industry News from CCR Magazine

Posted on by Mike Armstrong

For more Credit Industry News please follow the link.

Business and Sports News from Mike Armstrong – See http://mikearmstrong.me

Latest Credit Industry News from the CCR Magazine…

Posted on by Mike Armstrong

CCRMagazine…
Collections and Risk…

Read the magazine, free of charge, online at
www.ccrmagazine.com/ccr-magazine/
or download a PDF copy of the magazine here.

• Stressing the right points
Do we need to see stress management as a compliance issue?

•  Top three most effective negotiation tactics
The Financial Conduct Authority has told credit-card firms to review their approach to struggling customers…

• Manufacturing exports fall despite consumer goods
In changing political times, UK exports are facing mixed outcomes…

Stressing the right points
Do we need to see stress management as a compliance issue?

For more Credit Industry News, Business News, UK Business News or Global Business News, please follow the links.

Business and Sports News from Mike Armstrong – See http://mikearmstrong.me

Download a PDF of the latest CCR Magazine for Free now…

Posted on by Mike Armstrong

  CCRMagazine… Download the magazine, free of charge, as a PDF…   CCRMagazine is available to read, free of charge, as a PDF – simply click on this link and you can download it and print the individual articles that are of most interest to you. Subscribers help sustain CCRMagazine’s push to a more environmentally friendly future – to subscribe,  contact Alison at alison@ccrmagazine.co.uk.   Supporters of this month’s magazine include:                   Business and Sports News from Mike Armstrong – See http://mikearmstrong.me

Forums International Credit Industry Event for Credit Professionals – Credit Webinar

Posted on by Mike Armstrong

Join Forums International on the 18th March 2020 at 3pm for their next credit webinar where they will be joined by Paul Stevens from Esker who will be talking about 7 Tips for Enhancing the Customer Experience with AR Automation – https://lnkd.in/dFcrV-E

Business and Sports News from Mike Armstrong – See http://mikearmstrong.me

Credit Industry News from Credit Today…

Posted on by Mike Armstrong

Let’s riff a little bit this week on one of our favorite ratios – the current ratio. First, for any beginners out there, the current ratio is current assets (anything that can be converted to cash within a year) divided by current liabilities (anything due within a year). 

In the “old days,” a 2 to 1 current ratio was something credit execs liked to see. That 2 to 1 seemingly gives you a nice “margin of safety,” knowing that the company you’re looking at has 2 times the current assets as current liabilities. Not bad. 

And it’s still kind of a good benchmark.

But (and I’ve got to say this real soon, before the more experienced analysts out there want to throw tomatoes at the screen) it’s WAY too simplistic. And if you stop there, you’ll really be in trouble. 

First, we’ll note the group of financial types that – over the last decade, roughly – has been in the camp of wanting to lower all the components of current assets to reduce “the investment in” receivables or inventory. That’s a really sound analytical framework and what it does is emphasize the quality of a current asset much more than the quantity. Another way to look at it is that quality is a function of efficiency or how fast everything is moving.

start quote

start quote

On the contrary, of course, a rise actually means you’ve got a higher risk. As receivables slow, they’re less collectible.

end quote

And if you think about it, that’s really true. Let’s say you’ve got a customer with $100 million in sales, selling on 30 days terms. They normally have about $10 million in receivables, representing a DSO of 36 days. 

Now, if you are analyzing things solely from a current ratio standpoint, a rise in receivables might make you feel good – more assets means they can more easily cover their payables, and you’re thus safer, right?

On the contrary, of course, a rise actually means you’ve got a higher risk. As receivables slow, they’re less collectible. And as inventory rises, it’s a sign it’s not selling. Both are serious problems.

So if suddenly – absent a rise in sales – this $10 million in receivables went to $20 million, you might have a much higher current ratio, but a much riskier customer.

So how do you reconcile this issue? 

Well, you can still start with a current ratio benchmark of some sort (it will depend on your industry), but then you should always compare that to the company’s turnover ratios – how fast everything is turning over. The two most important are typically receivables and inventory. 

I remember as a beginning analyst seeing a company with a sub 1 current ratio and being somewhat alarmed. But my boss pointed out that the customer I was looking at typically sold on 7 day terms, so they were turning their receivables very quickly, with plenty of leeway to pay suppliers. They could afford to have a sub-1 current ratio (though I can attest that, while they always paid, they were sometimes a challenge to deal with, and we would have preferred they had a greater “margin of safety”). 

It’s also critically important to look at the trend of the current ratio over time. 

If it’s rising, you always want to know why. 

Is it because of inventory that’s not moving or receivables getting stretched out? If so, then you’ve got a real problem. But if it’s rising simply because of great cash flow and inventory and receivables are still turning nicely, then this might be the type of customer you can pay much less attention to as it’s not likely to be a credit issue.

Revised and updated March 2020.

Let’s riff a little bit this week on one of our favorite ratios – the current ratio. First, for any beginners out there, the current ratio is current assets (anything that can be converted to cash within a year) divided by current liabilities (anything due within a year). 

In the “old days,” a 2 to 1 current ratio was something credit execs liked to see. That 2 to 1 seemingly gives you a nice “margin of safety,” knowing that the company you’re looking at has 2 times the current assets as current liabilities. Not bad. 

And it’s still kind of a good benchmark.

But (and I’ve got to say this real soon, before the more experienced analysts out there want to throw tomatoes at the screen) it’s WAY too simplistic. And if you stop there, you’ll really be in trouble. 

First, we’ll note the group of financial types that – over the last decade, roughly – has been in the camp of wanting to lower all the components of current assets to reduce “the investment in” receivables or inventory. That’s a really sound analytical framework and what it does is emphasize the quality of a current asset much more than the quantity. Another way to look at it is that quality is a function of efficiency or how fast everything is moving.

start quote

start quote

On the contrary, of course, a rise actually means you’ve got a higher risk. As receivables slow, they’re less collectible.

end quote

And if you think about it, that’s really true. Let’s say you’ve got a customer with $100 million in sales, selling on 30 days terms. They normally have about $10 million in receivables, representing a DSO of 36 days. 

Now, if you are analyzing things solely from a current ratio standpoint, a rise in receivables might make you feel good – more assets means they can more easily cover their payables, and you’re thus safer, right?

On the contrary, of course, a rise actually means you’ve got a higher risk. As receivables slow, they’re less collectible. And as inventory rises, it’s a sign it’s not selling. Both are serious problems.

So if suddenly – absent a rise in sales – this $10 million in receivables went to $20 million, you might have a much higher current ratio, but a much riskier customer.

So how do you reconcile this issue? 

Well, you can still start with a current ratio benchmark of some sort (it will depend on your industry), but then you should always compare that to the company’s turnover ratios – how fast everything is turning over. The two most important are typically receivables and inventory. 

I remember as a beginning analyst seeing a company with a sub 1 current ratio and being somewhat alarmed. But my boss pointed out that the customer I was looking at typically sold on 7 day terms, so they were turning their receivables very quickly, with plenty of leeway to pay suppliers. They could afford to have a sub-1 current ratio (though I can attest that, while they always paid, they were sometimes a challenge to deal with, and we would have preferred they had a greater “margin of safety”). 

It’s also critically important to look at the trend of the current ratio over time. 

If it’s rising, you always want to know why. 

Is it because of inventory that’s not moving or receivables getting stretched out? If so, then you’ve got a real problem. But if it’s rising simply because of great cash flow and inventory and receivables are still turning nicely, then this might be the type of customer you can pay much less attention to as it’s not likely to be a credit issue.

Revised and updated March 2020 by Credit Today. For more on this article and more Credit Industry News see the Credit Today Website via the link.

Business and Sports News from Mike Armstrong – See http://mikearmstrong.me

Baker Ing – The Global Debt Matrix

Posted on by Mike Armstrong

Baker Ing – The Global Debt Matrix 🌍 🇺🇸 🇩🇪 🇮🇹 🇫🇷 🇦🇪 🇨🇳 🇮🇪 💶 💵 💷 💴

http://mikearmstrong.me/international-debt-collection-services-from-baker-ing-the-global-debt-matrix/

— Read on mikearmstrong.me/international-debt-collection-services-from-baker-ing-the-global-debt-matrix/

Top Post from 2019 – So Far!

Posted on by Mike Armstrong

mikearmstrongnews.wordpress.com/2018/07/19/credit-industry-news-blog-uk-business-blog-marketing/

https://mikearmstrongnews.wordpress.com/2019/11/30/top-post-from-2019-so-far/

5 days to CCR-i 2014 – Credit Industry Event in London

Posted on by Mike Armstrong

CCR-interactive – All The Knowledge Under One Roof… Five Days To Go and the Final Tickets Are Now Available!

The outstanding one-day event for the consumer and commercial credit industry is just five days away.

The conference look set to sell out – with over 400 delegates already booked to attend! So do not miss out on the chance to get all the knowledge fon offer!

To book one of the last remaining delegate places, please contact Alison Lucas on 01702 341948 or alison@ccrmagazine.co.uk. For sponsorship opportunities and to get involved please contact Gary Lucas on 07785 268404 or gary@ccrmagazine.co.uk.

Speakers will include: Tim Sawyer, chief executive officer, The Start Up Loans Company; Gary Brebner, chief executive, Loughborough Building Society; Sue Chapple, head of revenue management, EDF; Lee Birkett, chief executive officer, eMoney Union; Mark Watson-Gandy, member of the Bar Council’s panel of Young Spokesmen for the Bar; Martin Kirby, head of credit, Adecco.

Andrew Jackson, head of collections and recoveries, the Funding Circle; Alastair Barter, senior policy officer, Information Commissioners Office; David Morpeth, operations director, Lloyds Bank Asset Finance; Rajib Chakraborty, lead risk programme data architect, Lloyds Banking Group; Alessia Frisina, chief legal and compliance counsel, De Lage Landen Leasing; Andrew Aspell, European credit programme manager, Office Depot.

Jonathan White, major in the 16 Air Assault Brigade; Sergio Coehlo, head of retail collections and recoveries, Barclays Bank; Jeff McAdam, head of unsecured collections, UK Asset Resolution; Chris Webster, staff fraud risk manager, Yorkshire Building Society; Paul Downer, civil, family & tribunals directorate, Her Majesty’s Courts and Tribunals Service; David Thornley, group credit controller, Fort Vale Engineering.

Stuart Hopewell, credit manager, Fujifilm UK; Robert Skinner, chief executive, Lending Standards Board; Brian Morgan, credit manager, Veolia Environmental Services (UK); Athol Abrahams, head of risk and compliance, D&D Leasing; Sandra Frisby, associate professor, the University of Nottingham; Andriy Sichka, credit operations director, JT International SA.

Diana Keeling, group credit manager, Ian Williams; Mike Walsh, senior manager UK recovery operations, MBNA; Joe Deville, researcher, Goldsmiths, University of London; Richard Bostock, senior policy advisor, the Finance & Leasing Association; Anne Marie Goddard, team leader, enforcement reform, Ministry of Justice; Guy Thompson, credit risk manager EMEA & China, SunChemical Group; Catherine Bradford, credit manager, Linden Foods; Nick King, group credit director, Travis Perkins.

Download the CCR-interactive delegate pack.

This year’s event will allow you to:

► Understand the key compliance issues and how they will impact upon you.
► Discover about the wider legislative and regulatory framework and how it will affect you.
► Set appropriate a payment plan.
► Improve your work with vulnerable customers.
► Recruit and initiate new members of staff.

CCR-i Credit Industry Event in London Page posted “By Mike Armstrong”

6 days to go until CCR-i in London – UK Credit Industry Event

Posted on by Mike Armstrong

CCR-interactive – Legal Issues & Enforcement Stream… Seven Days To Go!

The outstanding one-day event for the consumer and commercial credit industry is just seven days away. The conference look set to sell out, so do not miss out! To book your delegate place, please contact Alison Lucas on 01702 341948 or alison@ccrmagazine.co.uk. For sponsorship opportunities and to get involved please contact Gary Lucas on 07785 268404 or gary@ccrmagazine.co.uk.

This year’s speakers at CCR-interactive, in association with Hoist Finance, in the Legal Issues & Enforcement Stream include:

► Chair – Martin Leyshon, group director, High Court Enforcement Group
► Mark Watson-Gandy, member of the Bar Council’s panel of Young Spokesmen for the Bar
Putting your case forward in court.
► Katherine Bailey, credit manager, QMH UK
Preparing to go to court – what a creditor needs to know.
► Alessia Frisina, chief legal and compliance counsel, De Lage Landen Leasing
Getting your terms and conditions right at the start to facilitate court action if required.
► Paul Downer, civil family and tribunals service, HM Courts and Tribunals Service
The latest initiatives to improve the enforcement of debt through the courts.
► Sandra Frisby, associate professor, the University of Nottingham
Pre-packs and the insolvency regime – an update.
► Emma Foy, head of financial services, Maldon District Council
► Anne Marie Goddard, team leader, enforcement reform, Ministry of Justice
Emerging reforms in civil enforcement.
► Brian Lewis, credit manager, Hanson UK
Where enforcement sits in your overall collections strategy.

Keynote Speakers

► Susan de Mont, director of credit authorisations, Financial Conduct Authority
Susan is responsible for the delivery of the FCA’s authorisations regime for an estimated 49,000 consumer credit firms transferred from the Office of Fair Trading, in-flight cases, and new applicants.
Delegates can therefore take this opportunity to hear from the key director who is actively doing the job, who has knowledge from the ‘coal face’ of what will be required of the industry.

► Trevor Williams, chief economist, Lloyds Bank
Trevor has both a BA (Hons) and a Masters degree in Economics. He is a Visiting Professor, Banking and Finance, at Derby University.
He heads the research team that supports the bank’s trading and sales activities. He regularly writes articles for publications and appears in the financial press and on television. He is a member of the Institute for Economic Affairs Shadow Monetary Policy Committee.

Download the CCR-interactive Delegate Pack.

This year’s event will allow you to:

► Choose the right enforcement agency for you.
► Understand the recent updates to enforcement regulations.
► Discuss the latest thinking on insolvency reforms.
► Successfully go to court in pursuit of a debt.
► Learn how to take your team’s performance to the next level.

Posted “By Mike Armstrong”

7 days to go until CCR-i 2014 – Credit Industry Event in London!

Posted on by Mike Armstrong

CCR-interactive – Legal Issues & Enforcement Stream… Seven Days To Go!

The outstanding one-day event for the consumer and commercial credit industry is just seven days away. The conference look set to sell out, so do not miss out! To book your delegate place, please contact Alison Lucas on 01702 341948 or alison@ccrmagazine.co.uk. For sponsorship opportunities and to get involved please contact Gary Lucas on 07785 268404 or gary@ccrmagazine.co.uk.

This year’s speakers at CCR-interactive, in association with Hoist Finance, in the Legal Issues & Enforcement Stream include:

► Chair – Martin Leyshon, group director, High Court Enforcement Group
► Mark Watson-Gandy, member of the Bar Council’s panel of Young Spokesmen for the Bar
Putting your case forward in court.
► Katherine Bailey, credit manager, QMH UK
Preparing to go to court – what a creditor needs to know.
► Alessia Frisina, chief legal and compliance counsel, De Lage Landen Leasing
Getting your terms and conditions right at the start to facilitate court action if required.
► Paul Downer, civil family and tribunals service, HM Courts and Tribunals Service
The latest initiatives to improve the enforcement of debt through the courts.
► Sandra Frisby, associate professor, the University of Nottingham
Pre-packs and the insolvency regime – an update.
► Emma Foy, head of financial services, Maldon District Council
► Anne Marie Goddard, team leader, enforcement reform, Ministry of Justice
Emerging reforms in civil enforcement.
► Brian Lewis, credit manager, Hanson UK
Where enforcement sits in your overall collections strategy.

Keynote Speakers

► Susan de Mont, director of credit authorisations, Financial Conduct Authority
Susan is responsible for the delivery of the FCA’s authorisations regime for an estimated 49,000 consumer credit firms transferred from the Office of Fair Trading, in-flight cases, and new applicants.
Delegates can therefore take this opportunity to hear from the key director who is actively doing the job, who has knowledge from the ‘coal face’ of what will be required of the industry.

► Trevor Williams, chief economist, Lloyds Bank
Trevor has both a BA (Hons) and a Masters degree in Economics. He is a Visiting Professor, Banking and Finance, at Derby University.
He heads the research team that supports the bank’s trading and sales activities. He regularly writes articles for publications and appears in the financial press and on television. He is a member of the Institute for Economic Affairs Shadow Monetary Policy Committee.

Download the CCR-interactive Delegate Pack here.

This year’s event will allow you to:

► Choose the right enforcement agency for you.
► Understand the recent updates to enforcement regulations.
► Discuss the latest thinking on insolvency reforms.
► Successfully go to court in pursuit of a debt.
► Learn how to take your team’s performance to the next level.

Posted “By Mike Armstrong”

Credit Controller & Credit Manager News

Posted on by Mike Armstrong

Your Voice – Credit Industry News from ACP
Friday 17th May 2013

Your Weekly Newsletter from the Association of Credit Professionals

Advancing the world of the Credit Professional

Essential Skills in Credit Management

Tuesday 21st May 2013 – Titanic Exhibition Centre, Belfast

Only 4 days left, have you booked your place yet?

NAMA sells loan book to Starwood Capital Group

By Richael O’Brien

The National Asset Management Agency (NAMA) have entered into a joint venture with a consortium of global private equity investors, which is led by Starwood Capital Group. Other prominent members of the consortium include Key Capital Real Estate and Catalyst Capital. Under the terms of the agreement, NAMA will sell the loan portfolio known as “Project Aspen” to the new venture, which will be 20% owned by NAMA and 80% owned by the consortium.

In addition, NAMA will provide a senior secured loan (vendor finance) to the joint venture, with an initial loan to value of less than 60%. The loan will carry a commercial rate of interest and is expected to be repaid within five years.

In the NAMA annual statement for 2012, the Agency commented that while there was significant investor interest in NAMA’s portfolio, the availability and cost of finance are major constraints both in Ireland and Internationally. In that statement, which outlines the objectives, strategies, and policies to be implemented in the financial year 2013, a number of measures to address this liquidity issue were outlined to increase the transactional activity in 2013 and beyond. These measures included a vendor finance programme under which loan finance of up to 70% of the purchase price is available to suitable purchasers.

Brendan McDonagh, CEO of NAMA commented: “NAMA is very happy with the successful outcome of the loan sale process and we welcome Starwood to partner with us in resolving the portfolio. The transaction has a number of innovative features, including NAMA vendor financing and equity participation.”

The sale of the portfolio commenced in February 2013, with more than 60 parties actively participating in the process. NAMA and the Starwood consortium entered exclusive discussions in early April.

NAMA believe that this structured sale enables NAMA to capitalise on the current interest from global investors in Irish commercial property assets and at the same time participate in the continuing recovery of the Irish commercial property market.

Latest News

UK

CPP announces management departures – Credit Today Online news
Credit card insurance business CPP Group has revealed that both its chief executive and chief financial officer are to step down.

Current accounts not referred to Competition Commission – Credit Today Online news
The Office of Fair Trading (OFT) has confirmed that it will not be referring the UK current account market to the Competition Commission.

Interlaken Group sold – Credit Today Online news
Debt purchaser Lowell Group has acquired Interlaken Group in a deal which creates one of the largest debt recovery operations in the UK.

Cabot posts £8m first quarter profit – Credit Today Online news
Debt buyer Cabot Credit Management has reported pre-tax profit of £8.1m in the first quarter of 2013 after a period of “strong growth”.

FCA chief tells insurers regulation will cost more – Credit Today Online news
The chief executive of the Financial Conduct Authority (FCA) attempted to allay concerns in the insurance industry about the increased cost of regulation at an industry event today (15 May).

Go to http://www.youracp.org/industry-news/credit-today-news/ for all the latest Industry News from Credit Today

Ireland

Capita to double Irish workforce with 800 new jobs – RTÉ News – Business Headlines
Service solutions provider Capita has announced it will create 800 jobs in Ireland over the next three years.

Irish Examiner ordered to vacate Cork offices – RTÉ News – Business Headlines
The owner of The Irish Examiner and Evening Echo newspapers has been ordered to vacate its offices on Lapps Quay in Cork city.

Warning for Ireland over eurozone recession – RTÉ News – Business Headlines
A review of Ireland’s bailout programme by an influential think tank has warned that a deepening of the eurozone recession could be a “central problem” for Ireland’s full return to the financial markets.

Thomond feels the pinch from fewer Munster matches – The Irish Times – Business
Operating profits at Thomond Park Stadium Company Ltd almost halved last year to €354,000 from €612,000 in 2011

Kallakis fraud sentence increased to 11 years by appeals court – The Irish Times – Business
Kallakis, 44, was imprisoned for seven years in January when he was convicted of tricking banks including AIB into lending as much as £740 million

Go to www.youracp.org for all the latest UK & Ireland Business and Credit Industry news.

Upcoming Events

Belfast

Road Show & Seminar – Essential Skills in Credit Management

Tuesday 21st May 2013 – Titanic Exhibition Centre, Belfast

Guest speakers & topics include:

Telephone Collection Techniques – Steve Savva FICM FACP – ACP Chairman

Cash Flow Management – Geraldine Aiken – Senior Cash Manager, Danske Bank

The latest from the World Credit Congress 2013 – Declan Flood FIICM FIACP – ACP Vice Chair

NI Economic Update – Angela Magowan- Chief Economist, Danske Bank

Export – EMEA Collections – Jon Swan FICM FACP – Head of Credit Management, Hachette UK

Putting on the Pressure to Obtain Payment – Teresa Callaghan FACP – ACP Executive Vice Chair

Managing Stress Effectively – Donal O’Neill – Author, Less Stress Strategies

Insolvency 2013 – Ronan Duffy – Partner, McCambridge Duffy

FREE TO ALL ACP & IACP MEMBERS & ONLY £45 FOR NON MEMBERS

Lunch & Refreshments Included – ACP Members earn 10 CPD Points for attending!

Book online now at www.youracp.org to book online today !

To receive an invoice email richard@youracp.org with your full name and details

London

Informal get together for everyone – All Bar One, 18-20 Apollo Street, London,EC2A 2AS

Tuesday 21st May 2013

This is a great opportunity for all credit professionals to meet up with other credit professionals on an informal basis, to socialise/network in an informal setting. It will be great to see as many new faces as possible so please come along! Please email sue@youracp.org or david@youracp.org to confirm your attendance.

Membership

Join the Association of Credit Professionals online at www.youracp.org

Join the Irish Association of Credit Professionals online at www.youracp.org

AACP / AIACP Associate Grade ONLY £55 / €70

MACP / MIACP Full Member Grade ONLY £75 / €95

FACP / FIACP Fellowship, highest grade ONLY £75 / €95

Corporate Membership for up to 10 people ONLY £350 / €450

Show your membership by using our official Members logo on letterhead, emails and marketing. If you need a high resolution please email richard@youracp.org

Dual membership available to all Members of the ACP and IACP who have experience in both jurisdictions at no extra cost. Contact paul@youracp.org for more information.

Friday Fun

Three sisters, ages 92, 94, and 96, live together. One night the 96-year-0ld draws a bath. She puts one foot in and pauses. “Was I getting in the tub or out?” she yells.

The 94-year-old hollers back, “I don’t know, I’ll come up to see.” She starts up the stairs and stops. She shouts, “Was I going up or going down?”

The 92-year-old is sitting at the kitchen table having tea, listening to her sisters. She shakes her head and says, “I sure hope I never get that forgetful”, and knocks on wood for good measure. Then she yells, “I’ll come up and help both of you as soon as I see who’s at the door.”

——————————————————————————————

There were two guys working for the city. One would dig a hole — he would dig, dig, dig.

The other would come behind him and fill the hole — fill, fill, fill. These two men worked furiously; one digging a hole, the other filling it up again.

A man was watching from the sidewalk and couldn’t believe how hard these men were working, but couldn’t understand what they were doing. Finally he had to ask them.

He said to the hole digger, “I appreciate how hard you work, but what are you doing? You dig a hole and your partner comes behind you and fills it up again!”

The hole digger replied, “Oh yeah, must look funny, but the guy who plants the trees is sick today.”

——————————————————————————————

A preacher was walking down the street when he notices a little boy trying to ring the doorbell but it’s just out of his reach. He watches his efforts for some time and walks over to press the the bell. After he pressed it he leveled down to the boy and asked’ “Now what?” to which the boy turned and shouted, “NOW WE RUN!!”

Your ACP links

www.youracp.org www.facebook.com/youracp

www.linkedin.com www.twitter.com/youracp

Insolvency Partner

UK – Moore Stephens LLP www.moorestephens.co.uk

Ireland – McCambridge Duffy LLP www.mccambridgeduffy.co.uk

Training partners

UK – www.cmtltd.co.uk Credit Management Training

Ireland – http://declanflood.weebly.com The Credit Coach

Media Partner

www.credittoday.co.uk – The official magazine of the ACP

Association of Credit Professionals
The Old Surgery
Church Street
Cropwell Bishop
Nottingham
NG12 3BY

Phone: +44 (0) 115 989 9900
Fax: +44 (0) 115 989 9902

Irish Association of Credit Professionals
121 Lower Baggot Street
Dublin 2

Phone: +353 1 659 9466
Mobile: +353 87 244 7052 (Declan Flood)

Posted “By Mike Armstrong#
Credit Industry Consultant and Credit Services Broker & Solutions Provider in Wales but covering the UK!

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